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REGISTERED NUMBER: 03394442 (England and Wales)

















OCEAN CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






OCEAN CONSTRUCTION LIMITED (REGISTERED NUMBER: 03394442)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


OCEAN CONSTRUCTION LIMITED (REGISTERED NUMBER: 03394442)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,994 2,658

CURRENT ASSETS
Debtors 5 102,656 108,167
Cash at bank 57,037 67,232
159,693 175,399
CREDITORS
Amounts falling due within one year 6 48,593 65,254
NET CURRENT ASSETS 111,100 110,145
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,094

112,803

CREDITORS
Amounts falling due after more than one year 7 (19,167 ) (29,167 )

PROVISIONS FOR LIABILITIES - (505 )
NET ASSETS 93,927 83,131

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 93,923 83,127
SHAREHOLDERS' FUNDS 93,927 83,131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:





Mr Adrian Aldridge - Director


OCEAN CONSTRUCTION LIMITED (REGISTERED NUMBER: 03394442)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Ocean Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03394442

Registered office: 6 Poplar Close
Hitchin
Hertfordshire
SG4 9LZ

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


OCEAN CONSTRUCTION LIMITED (REGISTERED NUMBER: 03394442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022
and 30 June 2023 3,539 37,068 2,428 43,035
DEPRECIATION
At 1 July 2022 3,457 34,494 2,426 40,377
Charge for year 21 643 - 664
At 30 June 2023 3,478 35,137 2,426 41,041
NET BOOK VALUE
At 30 June 2023 61 1,931 2 1,994
At 30 June 2022 82 2,574 2 2,658

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 33,195 52,428
Other debtors 69,461 55,739
102,656 108,167

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 26,268 20,042
Trade creditors 468 2,496
Taxation and social security 13,579 15,634
Other creditors 8,278 27,082
48,593 65,254

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 19,167 29,167

OCEAN CONSTRUCTION LIMITED (REGISTERED NUMBER: 03394442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 16,268 10,042
Bank loans 29,167 39,167
45,435 49,209

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £22,500 (2022 - £22,500) were paid to the director .

Dividends amounting to £22,500 (2022- £22,500) were paid to a close family member.
The individual concerned is Mrs J A Aldridge the spouse of Mr A Aldridge.